Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1887-04-01
THE CHESAPEAKE & OHIO ROAD.
ANNUAL REPORT OF ITS
AFFAIRS.

ANNUAL REPORT OF ITS
AFFAIRS.
The annual meeting of the stockholders
of the Chesapeake & Ohio Railway Co..
was held in Richmond last week.
PRESIDENTS REPORT.
The report of President Huntington
shows that the company owns $40 miles Of
steel-laid railway, reaching from Old
Point to Huntington, and that this prop
erty has been leased to the Newport
& Mississippi Valley Company for two
hundred and fifty years from July 1, 1885,
the latter company to operate the road,
keep it in good repair, and apply the le-
naming surplus to payment of its equip
ment bonds and in terest thereon.
THE FINANCES OF 1885.
The surplus earned over the running
expenses for 's6 was 81, 1888 ,561. Blu t
this surplus fell short by $S1 .190 of paying
that year, and by $19s, 40s Of squaring the
deficit OF that year and the year before. The
proposition to reduce the interest on the
Series B bonds to per cent. and extend
them 100 years. and to exchange the 500
currency bonds of 1918 for N. N. q M. V.
1925 bonds, has been largely accepted by
the holders Of each and its success Is con-
sidered assured. The floating debt Of the
company amounts to 1921 ,096 36, an in
crease OF $219. S91 63 over 1856, which prin-
cipally arises from the purchase of addi-
tional rolling stock.
BUSINESS OF THE ROAD.
The freight business at Newport News
exceeded that of 1885 by 24s.11 tons. The
earnings of the road for 'S6 were as fol-
lows: - Freight, So .319, 371.45; passenger,
$3.50, 573 10; mail, express, &C., $146, 109.40
total, 81 ,O96, O4S .55-an increase over
1885 of $734 .Sl3.08.
The freight earnings have increased by
the sum of 1919 ,S02 Is, or 1915 per cent.
Of the total revenue tonnage for the year,
%. SO per cent. was through freight, 42.72
per cent. coal, and 26 SO per cent. other
local freight. The total number of tons
carried was 2,174 523, or an increase of
II 81 per cent. over the previous year.
The average haul per. ton was 2S1,S9
miles-an increase of 1921 miles, or $50
per cent. per ton over 1885.
The passenger earnings have increased
by the sum Of $50 1872 80, or 10. SO per cent.
The total number of passengers carried
during the year was 565, 84S-an increase
as compared with the previous year of
63,O75. Or 1854 per cent. OF this number
sos, 0l4. or 1925 per cent, were local pas
Bengers and e0,s34, or 1875 per cent. were
through passengers.
COST OF OPERATION.
The operating expenses absorbed 70.01
per cent. of the gross earnings, against
70 63 per cent. in 1885, and were as follows
in 1886: For conducting transportation,
81, 045 stills; for motive power, $3.50, 201,-
"A; for maintenance of cars, 1911 ,311. S9;
for maintenance Of way. $49S,65S Sc; for
general expenses, $72, 1888. 62-total. So $751;
9S1 SO. Total increase, $493, 922.06.
The report at some length explains to
what was due the increase in the operat-
ing expenses. The heaviest increase was
1854 per cent in maintenance of cars, and
this is thus accounted for:
There were at the ending of 1885, 674
cars out of service. This number has been
reduced to 80, besides keeping up the re-
pairs on the cars in regular service; and
also because the increase in the company's
business required it to lease during 1886,
from time to time, number of cars.
whose rental was charged to this account.
The physical condition of the road has
been very much improved by the expendi-
lures on account of putting in cross ties
and new rails, and repairs to telegraph
lines.
THE FUTURE.
During 1887, for the repair of track $780,
900 cross ties will be needed and 2, 500 tons
Of steel rails, another pier for the use of the
be put up, and another coal pier; eighteen
miles Of side track will be laid; the shops
at Huntington will be enlarged; II new
passenger cars will be put on this spring,
four new express and baggage cars and
ten consolidated engines. There will be
1925, 900 spent in 1887, on new locomotives
and passenger cars and new work required
to handle the traffic of the road.
DIRECTORS.
The old Board of Directors was re-elec-
ted as follows: G. P. Huntington, G..
Adolphe Low. A. S. Hatch, Elias S. Hig-
gins, John Castree, A. E. Orr, Elk. Nor
ton, Isaac E. Gates. Edward T. Tournier,
Of New York; W. G. Wickham, and John
Echols, of Virginia.
The lease to the N. N. & M. V. Com
pany was approved and confirmed.
The Y M G. A. Ruildino